Financial stocks were whacked particularly hard during today's trading blood bath, after the a stronger-than-expected CPI report peaked fears of a substantial Fed rate hike.
Among the biggest losers on the Big Board were
down 17 3/8, or 18.7%, to 75 1/2 and
dropped 12, or 8.2%, to 134.
American Stock Exchange Broker/Dealer Index
tumbled 12.7%, while the
Philadelphia Stock Exchange/KBW Bank Index
was down 7.1%.
The grass wasn't any greener on the other side, as the tech-filled
TheStreet.com Internet Index
slid 100 to 712.95.
slid 20 1/8, or 14.8%, to 116,
dropped 14 3/8, or 21.4%, to 52 1/16 and
shed 10 3/8, or 25.9%, to 29 3/4.
Mergers, acquisitions and joint ventures
slipped 5/8 to 25 after it said it bought 51% of e-retailer
for $73 million. Peapod gained 11/16, or 27.5%, to 3 3/16.
fell 1 5/16 to 54 1/8 after its
business enterprise said it is buying Britain's
Serck Heat Transfer
for an undisclosed amount. Serck is a supplier of heat transfer equipment for cooling engines, transmissions, turbines, compressors and processes in the marine, power generation, construction and automotive industries.
raised Honeywell's 12-month price target to 100 from 80.
, a playground equipment maker, rose 2 3/4, or 40.7%, to 9 1/2 after it said it is being bought out by an investment group for $10.10 a share in cash.
Earnings/revenue reports and previews
Earnings estimates from First Call; new highs and lows on a closing basis unless otherwise specified. Earnings reported on a diluted basis unless otherwise specified.
Boise Cascade Office Products
was unchanged at 16 3/8 after it posted first-quarter earnings of 31 cents, two cents shy of the two-analyst estimate of 33 cents.
lost 1/2 to 51 1/2 after it
reported first-quarter earnings of 41 cents a share, in line with the 22-analyst estimate and up from the year-ago 31-cent profit. The PC seller said that a 27% increase sales in its consumer computer unit made up for a slowdown in its business division, which suffered a 19% loss in sales.
According to CFO John Todd, the business division's sales have shown progress every month since its January low. Todd told investors that he sees a seasonal drop in sales during the second quarter but assured that Gateway is on track to post second-quarter earnings in line with the 21-analyst estimate of 36 cents a share and the fiscal 2000 22-analyst estimate of $1.83 a share.
upgraded Gateway to intermediate-term accumulate from intermediate-term neutral and maintained its long-term accumulate rating on the computer maker.
fell 11/16 to 21 3/8 after it reported first-quarter earnings of 7 cents a share, a penny better than the 31-analyst estimate but down from the year-ago earnings of 21 cents.
, the world's largest car rental company, lost 3 7/16, or 9.2%, to 33 13/16 after it reported first-quarter earnings of 52 cents a share, 4 cents ahead of the nine-analyst estimate and up from the year-ago 45 cents. Hertz's revenue for the quarter totaled $1.135 billion in the first quarter, a jump of 9.9% from the year-ago $1.033 billion.
Hudson United Bancorp
slipped 3/8 to 20 1/8 after it reported first-quarter earnings of 58 cents a share, below the single-analyst estimate of 60 cents but up from the year-ago 53 cents a share.
inched up 11/16, or 5.2%, to 13 13/16 after it said it expects to slightly exceed the first-quarter estimate of 12 cents.
lost 1 13/16, or 9%, to 18 5/16 after it posted earnings of 53 cents a share, below the 20-analyst estimate of 50 cents and in line with the year-ago earnings.
inched up 5/8 to 41 1/16 after it posted first-quarter earnings from continuing operations of 45 cents a share, above the two-analyst estimate of 40 cents and up from the year-ago operating earnings of 35 cents.
rose 1 13/16 to 44 1/2 after it said it expects first-quarter earnings to be about 50% above analyst estimates of 24 cents a share and 2000 year earnings to be about 20% above estimates of $1.47 a share. Merrill Lynch upgraded the stock to an intermediate buy from accumulate and upped its price target to 56 from a range of 42 to 43.
inched up 1/4 to 78 after it
posted third-quarter earnings of 26 cents a share, topping the 20-analyst estimate of 23 cents and the year-ago report of an 18-cent profit. CEO Scott McNealy attributed the strong results to a boost in market share after cruising through Y2K woes to see an rise in business during its second quarter.
During the quarter, Sun saw revenue shoot up 35% to hit $4 billion. According to CFO Michael Lehman, the company holds more than $5 billion in cash and securities.
raised its earnings estimate for fiscal 2000 on Sun to 96 cents from 91 cents.
upgraded shares of Sun Microsystems,
, the newspaper and media giant, which is buying
, posted first-quarter earnings, excluding items, of 32 cents a share, in line with the 10-analyst estimate and up from the year-ago 27 cents. Tribune lost 3/16 to 37 11/16 and Times Mirror fell 3/16 to 94.
lost 1 3/8, or 5.4%, to 24 1/8 despite saying it expects to report first-quarter revenues of $7.1 million to $7.3 million, exceeding expectations of $6 million.
Offerings and stock actions
, citing poor market conditions, has withdrawn a planned common share offering. Certicom lost 36 27/32, or 44.9%, to 45 1/4.
said it pushed back its 12.5 million-share IPO because of the market volatility.
shares slid 6.6% to 71 61/64 today after the company said it set a 4-for-1 stock split..
inched up 1/2 to 54 15/16 after it announced that its board approved several moves designed to make shareholders smile, including
spinning off its automotive components and systems unit
, whereby Ford will distribute its 100% interest in Visteon to Ford common and Class-B shareholders.
Shareholders will receive a distribution of Visteon stock based on the number of Ford shares they own and the total number of Ford shares outstanding on the distribution record date. Ford said Visteon generates $19 billion in annual revenue.
Ford's board also approved a plan under which Ford stockholders will exchange their current Ford common and Class-B shares for new Ford common and Class-B shares, and shareholders will have the right to receive either $20 in cash per share or new Ford shares of equivalent value. Ford said the total cash distribution will be limited to $10 billion.
After the close,
, an e-commerce software company, withdrew its plans for a 3.75 million-share secondary offering citing the stock market's recent volatility.
said that it would withdraw its 4 million-share IPO due to market volatility.
is serving as the deal's lead underwriter.
lowered the expected price range of its 4.2 million-share IPO to $9-$11 a share, from $11-$13 a share.
Votorantim Celulose e Papel
was inching up 1/8 after being priced at $15 per ADR, under the estimated range of $16.15. Lead underwriter
priced 7.92 million ADRs. Votorantim is a Brazilian paper and pulp company. Each ADR represents 500 preferred shares.
, an Internet consulting firm, withdrew its registration for an initial public offering of stock, but could still issue in the future depending on market conditions, it said. Zefer had planned to offer 4 million shares at a price of $11-$13 per share.
: UP to strong buy from buy at
. ADC Telecom slipped 4 3/16, or 8%, to 47 11/16.
: UP to strong buy from buy at
U.S. Bancorp Piper Jaffrey
. Ameritrade skidded 3 3/16, or 18.2%, to 14 1/4.
Chase Hambrecht & Quist
rolled out coverage of several electronic companies including
stamping all with buy ratings.
Celestica fell 5 5/8, or 12%, to 41 and Plexus sank 7 15/16, or 12.7%, to 54 9/16, while SCI Systems lost 3 1/8, or 6.6%, to 43 5/8. Jabil Circuit skidded 2 1/16, or 6%, to 32 1/4.
: INITIATED market outperformer at
. Danaher declined 3 5/8, or 7%, to 48 1/16.
Abercrombie & Fitch
: DOWN to buy from strong buy at
US Bancorp Piper Jaffrey
. Gap's price target was lowered to 48 from 56. Gap slipped 2 13/16, or 6.7%, to 38 7/8 and Abercrombie shed 5/8, or 5.1%, to 11 5/8.
: UP to strong buy from hold at
Warburg Dillon Read
. Goodyear slid 2 5/16, or 7.7%, to 27 9/16.
: DOWN to hold from buy at
Credit Suisse First Boston
. Lands' End sank 7, or 12.1%, to 50 5/8.
Donaldson Lufkin & Jenrette
analyst Eric Ross initiated coverage of five Internet consulting companies, including
Diamond Technology was started as the company's top pick. Diamond Technology slipped 2 3/16 to 53 1/16.
MarchFirst, Organic, Scient and Viant were all started at buy. MarchFirst declined 2 5/8, or 10.9%, to 21 5/16 and Organic shed 1 3/8, or 10.3%, to 11 7/8, while Scient stumbled 2 3/4, or 6.5%, to 39 1/2. Viant slipped 1/4 to 20 13/16.
: NEW strong buy at
Morgan Stanley Dean Witter
. Partner Communications sank 1 5/16, or 11.1%, to 10 7/16.
:DOWN to market perform from strong buy at
by analyst Perry Boyle Jr. Resource Phoenix.com lost 3, or 66.4%, to 1.
Starwood Hotels & Resorts
: REINSTATED as a buy with a target price of 38 at Merrill Lynch;
Four Seasons Hotel
REINSTATES with an intermediate accumulate, long-term buy rating. Starwood Hotels skidded 2 5/8, or 9.1%, to 25 15/16 and Four Seasons slid 1 7/16 to 45 7/16.
: NEW buy at
Deutsche Banc Alex. Brown
; price target of 64. Weatherford declined 11/16 to 55 15/16.
acknowledged that some of its Internet software carried a secret password that could be used to gain unlawful access to hundreds of thousands of Internet sites worldwide,
The Wall Street Journal
The password is a "phrase deriding their rivals at Netscape as 'weenies,'" according to the story. A Microsoft security manager said the backdoor password goes against its policy and said it is a firing offense for the as-yet unidentified employees. Microsoft skidded 4 13/16, or 6%, to 74 7/16.
After the close,
said its auditor would voice concerns on whether the company can sustain profitable operations. PictureTel, which makes videoconferencing equipment, said
found that it can't depend on the company's future revenue outlook that is derived from new products and services that it plans to launch in the second quarter. The company has teamed up with
to develop new products, which it hopes will help produce fiscal 2000 revenues.
said it may eliminate 850 jobs, or nearly 2% of its total workforce of 46,000 when it transfers its cell-phone production operations from Georgia to its facilities in Guadalajara, Mexico. Solectron stumbled 2 1/8, or 5.1%, to 38 7/8.